US-based independent power producer Enfinity Global has sold a 49% equity stake in its 402MW solar portfolio in Italy to the State Oil Fund of the Republic of Azerbaijan (SOFAZ), Azerbaijan’s national sovereign wealth fund.
The portfolio includes 14 solar PV plants – both operational and under construction – across the Lazio and Emilia-Romagna regions. Once complete, the plants are expected to produce around 685GWh of electricity annually.
Enfinity will retain a 51% majority stake and continue managing the assets. “SOFAZ will act as Enfinity’s long-term partner and investor in Italy,” said Carlos Domenech, CEO of Enfinity Global.
The partnership is expected to support Enfinity’s broader pipeline, which includes 2.6GW of solar and 5.3GW of energy storage projects.
SOFAZ, which manages over $65bn in assets, was founded in 1999 to oversee Azerbaijan’s oil and gas revenues. The acquisition aligns with its goal of securing stable returns while supporting the transition to renewable energy.
Enfinity was supported by Mediobanca (financial), Legance (legal), and Fichtner (technical). SOFAZ was advised by JLL (M&A), Dentons Europe Studio Legale Tributario (legal), EY (financial and tax), and DNV (technical).
Founded in 2019, Enfinity has a global solar portfolio of 35.5GW, including 1.1GW of operational capacity and 1.3GW under construction. Its battery energy storage portfolio totals 12.9GW, with projects in the US, Italy, UK, India, and Japan.
The company also recently secured up to €100m from Eiffel Investment Group to fund its European solar and storage projects through four of Eiffel’s sustainable investment vehicles.
